Storage disincentives and regional dislocations roil European gas trading
The loss of Russian volumes has made for unusual market conditions
Record-breaking prices are not the only manifestation of disturbance at Europe’s gas trading hubs. The imposition of minimum storage levels requires injections but at the same time risks undermining the market economics of injecting. And attempting large-scale replacement of pipeline gas from the east with LNG from the west has highlighted previously unapparent bottlenecks in the European system that have caused locational price spreads to blow out, at times in entirely the opposite direction from their prevailing relationship. “The seasonal shape of the curve has been completely erased,” says Natasha Fielding, head of Emea gas pricing at price reporting agency Argus Media. By that, Fielding
Also in this section
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
